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Despite the allure of lower loan prices, CLO managers should print deals cautiously
Software loan sell-offs and the Iran war have caused US and European loans to price differently
Leveraged loans in stressed sectors like software carry refinancing risk
LBO financing includes $5.75bn term loan to be priced early next week
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Some European collateralised loan obligations in the market are having a tough time selling their triple-A senior piece.
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A seemingly insatiable thirst for dollars among Nigeria’s largest corporates has pushed the country’s banks to the international syndicated loan market to raise funds. But bankers warned that the close timing of the banks’ loan requests and the small pool of international lenders prepared to consider Nigerian financial institution risk will make raising a huge amount of dollars for a large number of borrowers a challenge, writes Michael Turner.
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Russian metals and mining firm Norilsk Nickel has asked lenders for its new $2bn five year facility to be unsecured, as the firm tries to move away from pre-export finance (PXF) facilities.
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European syndicated loans bankers are warily eyeing the pipeline of deals for the summer months, with almost two-thirds of market participants expecting to see a few more refinancing transactions but little in the way of new money deals.
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African-focused gold miner Randgold Resources has made a rare trip to the loan market to sign a $200m three year unsecured revolving facility from four banks.
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Roadshows last week for Indonesia Eximbank’s $500m loan had a good response from potential lenders, with the deal already landing early commitments in general syndication.